GLOBAL COMPLAINT MANAGEMENT SOFTWARE MARKET FORECAST 2020-2028

GLOBAL COMPLAINT MANAGEMENT SOFTWARE MARKET FORECAST 2020-2028

Inkwood Research estimates that the global complaint management software market was valued at $xx billion in 2019, and is expected to reach $48.61 billion by 2028, growing at a CAGR of 10.46% during the forecast period. The base year considered for the market study is 2019, and the forecasted period is between 2020 and 2028. Complaint management software is being adopted by various industrial verticals, due to the growing need to increase and improve customer satisfaction and for protecting their brand name by inspecting and answering the complaints in a timely manner.

Inkwood Research estimates that the global complaint management software market was valued at $xx billion in 2019, and is expected to reach $48.61 billion by 2028, growing at a CAGR of 10.46% during the forecast period. The base year considered for the market study is 2019, and the forecasted period is between 2020-2028.

The global complaint management software market growth is driven by:

Need to increase customer satisfaction and protect brand reputation

Increasing automated workflow and complaint management operations

Complaint management software is being adopted by various industrial verticals, due to the growing need to increase and improve customer satisfaction and for protecting their brand name by inspecting and answering the complaints in a timely manner. Further, there is a rise in adopt customer-centric strategies among companies to achieve greater customer satisfaction. These factors propel the adoption so as to address and resolve the complaints in an efficient manner, and to ensure positive customer experience for retaining brand reputation.

The government & public sector is the leading segment in terms of revenue in the global complaint management software market with around 26.44% market share in 2019. In recent years, several governments across the world have attempted to use direct and indirect reforms of complaint handling strategies as one way to enhance accountability. Poor complaint management leads to dissatisfied citizens and undermines public confidence. Further, it could indicate a poorly controlled and inefficient organization. Thus, the government sector uses complaint management software, which facilitates the landscape of complaint handling in public services and key priorities for regulatory authorities.

Moreover, the healthcare segment is anticipated to grow at the highest CAGR of around 12.22% during the forecast period. The growing demand for IT solutions among clinicians and healthcare professionals, which assists them in enhancing the quality of patient care at affordable prices, drives the demand for complaint management software in the healthcare industry. The substantial need to integrate patient information and health data across disparate systems and applications is expected to drive the demand of the market during the forecast period.

On the other hand, the global complaint management software market growth is restricted by insufficient useful data to resolve customer complaints. The lack of availability of data provided by customers to understand a problem so as to offer the appropriate solutions and resolve their complaints, hinders the growth of the market. However, for a better understanding of complaints and vendors, the market players are trying to develop mandatory data fields that need to be filled by customers to overcome this restraint during the forecast period.

Geographically, North America is the largest market with a market share of 39.72% in terms of revenue in 2019. The dominance of North America is attributed to the presence of major vendors, and the accessibility of proficient technical expertise that offers solutions in the region. These include Oracle Corporation, Mastercontrol Inc, Quantivate LLC, Freshworks Inc, and others. The accessibility of this software on mobile devices such as smartphones and tablets is expected to boost the growth of the market in the region. The adoption of complaint management software has increased over time in this region as the platform enables financial institutions to streamline their current operations and incorporate additional features and advanced functionality, which provides numerous opportunities for the market.

On the other hand, Asia Pacific is anticipated to be the fastest-growing region with a CAGR of xx% during the forecast period. The growth is attributed to the increasing adoption of business intelligence & machine learning across various sectors, increasing internet penetration, along with the growing BFSI sector & healthcare expenditure, and the increasing investments in the market. There are many SMEs and start-up companies operating in the region that prefers cloud-enabled software, since it is less costly compared to on-premise software solutions.

In May 2019, Zendesk Inc announced the expansion of Zendesk Sunshine, its CRM platform built on AWS. This expansion includes delivering deep insights about the customers to improve customer experiences.

Key findings of the global complaint management software market:

North America leads the market by capturing the largest market share of around 39.72% in 2019.

The Asia Pacific market is anticipated to grow at the highest CAGR of xx% during the forecast period, 2020-2028.

The cloud based solutions are facing increasing demands in the market.

The integration of new technologies such as AI and NLP in complaint management software is surging the market growth.